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3rd Circuit

Sometimes, a Claim Purchaser Can’t File a Claim, Delaware Judges Say

Judges Stark and Carey from Delaware distinguish between prohibiting the power and the right to assign a claim.

3rd Circuit
Delaware

New Jersey Tax Foreclosures Can Be Preferences, Third Circuit Rules

Although a foreclosure sale can be immune from fraudulent transfer attack, a tax foreclosure not based on the value of the property can be a preference.

3rd Circuit
New Jersey

Delaware District Court Doesn’t Want 2,400 Johnson & Johnson Talcum Powder Suits

The Pacor test for ‘related to’ jurisdiction isn’t so broad when it comes to indemnification agreements.

3rd Circuit
Delaware

The Debtor or Trustee Control the Privileges of an Independent Audit Committee

As his parting shot, Judge Carey requires turnover of almost everything in the files of professionals for an independent audit committee.

3rd Circuit
Delaware

Third Circuit Expands the Flexible Notion of ‘Finality’ on Bankruptcy Appeals

The Third Circuit’s new opinion on ‘finality’ will be cast in doubt depending on how the Supreme Court rules in Ritzen.

3rd Circuit

Intercreditor Agreement Didn’t Apply to Plan Distributions, Third Circuit Holds

The Third Circuit wrote an important decision on distributing collateral under an intercreditor agreement, but it wasn’t precedential.

3rd Circuit

A Nonparty’s Bankruptcy Isn’t Providing Ground for Removal to Federal Court

The right of indemnification by a bankrupt isn’t establishing ‘related to’ jurisdiction in federal court.

3rd Circuit
Pennsylvania
Pennsylvania Eastern District

‘Earmarking’ Only Applies When a Debtor Receives a Loan from a Third Party

Money taken from a debtor’s own retirement account to pay a creditor does not qualify for the earmarking defense, Chief Judge Fehling says.

3rd Circuit
Pennsylvania
Pennsylvania Eastern District

Discretionary Bonuses Are Not Per Se Fraudulent Transfers

Discretionary bonuses by an insolvent employer are not automatically fraudulent transfers, Judge Silverstein says.

3rd Circuit
Delaware

Creditors of LPs or LLCs Can’t Sue for Breach of Fiduciary Duty

Creditors lack standing in Delaware and other states for derivative liability suits against officers and managers of LPs and LLCs.

3rd Circuit
Delaware
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